Few things are certain in life: death, taxes and someone in the risk community asking about inherent and residual risks. In fact the question is so frequent that I even did a short video response: To most organisations inherent vs residual comparison is a way to measure potential risk mitigation effectiveness and the reduction in… Continue reading The better alternative to “inherent” and “residual” risk concepts
Ok, the title is obviously irony, because no organisation on the planet is ever “just” starting to implement risk management” or “starting from scratch”. Organisations have been making risk-based decisions since the inception. Often poorly, but that’s another point altogether. And yet, far too many job advertisements I see are looking risk specialists to build… Continue reading 5 red flags 🚩when just starting to implement risk management
One of the biggest issues in the risk management profession is that many, way too many, people who have the title of risk manager are not really qualified to do the job. Many don’t even have the minimum required education. Imagine a doctor who vaguely remembers doing biology in year 9 high school. Well that’s… Continue reading 5 red flags 🚩when hiring a risk manager
Need the help of the network. Looking for a non-bs business continuity expert. I think the criteria for good looks something like this: Someone clever enough to know ISO standards on BCM are rubbish Rejects or actively opposes everything BCI does and publishes Knows that business impact analysis cannot be done using qualitative scales and… Continue reading Are there any good business continuity experts out there?
Risk management network, need your help. Looking for any solid ideas from anyone who has already moved to probabilistic budgeting using ranges and distributions instead of single point estimates. How did you sell the idea to the CFO? How do you convince the management board and more importantly shareholders to plan, budget and set targets… Continue reading How would you sell the idea to do annual budget in ranges to the CFO?
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Alex Sidorenko from RISK-ACADEMY talks about 4 things good risk managers do: 1. Don’t take the standards and best practices too seriously 2. Don’t talk to people about risks or managing them, appetites and other buzzwords 3. Don’t try to win everyone over, some managers are beyond help 4. Don’t waste your time, if the… Continue reading 96. 4 things good risk managers do
Couple of months ago I promised Hans Læssøe to respond to his article about the link between risk management and decision making. I finally managed to summarise my thoughts in this short video: https://www.youtube.com/watch?v=AHUW1Tecfac, but basically I believe risk management was hijacked by auditors and consultants approximately 30 years ago and turned into a joke and… Continue reading Should it be objective-centric ERM or decision focused risk management or risk-based decision making or just decision making?
Ok, the title is obviously a joke, because the alternatives (multiple) have been available to anyone willing to learn for over 50 years. But since you clicked, this article will probably change your life for the better. Thank you Damir Ramazanov, Group Project Risk Manager, ERG for helping with the article and providing quality review. … Continue reading Finally! An alternative to risk matrices
Alex Sidorenko from RISK-ACADEMY talks about 3 rules for reducing subjectivity in quantitative risk analysis. Help spread the messages in this guide by sharing it with your colleagues https://www.researchgate.net/publication/323254437_GUIDE_TO_EFFECTIVE_RISK_MANAGEMENT_30 More information about RISK-ACADEMY, our training courses and services at http://www.riskacademy.blog